Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.2771%/8h= +303.5% APRpaid last 24h +0.035%

Price spread now: GMX against Bitget+0.015%54s7-day average −0.011% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bitget Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.096%+$10 on $10k

Price spread, last 4 days (all we have)−0.114%−$11 · spread now +0.015%, 7d avg −0.011%

Together, before fees−0.018%−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$83 a day on $10k at the current rate, and GMX is 0.027% dearer against Bitget than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.011%. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.096% in total (about 10.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget BZUSDT	97.780	0	get 0.0000% / 4h	1h 53m	$27.9M	$17.4M	100x
Short	GMX BRENTOIL/USD [ETH-USDC]	97.795	L +0.0329% / S −0.2771%	get 0.0346% / 1h	53m 30s	$116K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bitget. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BitgetbpFee GMXbpOrdersPrice spread, now +0.015%Rate

Funding earned: $582
Price spread: +0.015% → −0.011%: $2.65
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $560.66
Costs to cover: 0.240%
Break-even: 0.3 days

Slippage unknown: Bitget: live order book, 5 min ago; GMX: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bitget live order book, 5 min ago	0.51 bp	7.4 bp −$7	9.2 bp −$92	23.4 bp −$2,336	36.9 bp −$18.5K
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BZ on 31 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BRENT/USDC PERP	−0.0220%	1h	96.817	−0.985%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0088%	1h	97.530	−0.256%	$235K	$417K	15x	as long as short
Hotstuff BRENTOIL-PERP	−0.0008%	1h	97.810	+0.031%	$34K	—	20x	as long as short
BloFin BZ-USDT	−0.0008%	4h	97.640	−0.143%	$1.5M	$98K	50x	as long as short
Aster BZUSDT	0.0000%	4h	97.798	+0.018%	$340K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.798	+0.018%	$147.8M	$354.3M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.760	−0.020%	$10.3M	$12.6M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.780	0.000%	$16.1M	$20.0M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.748	−0.033%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.730	−0.051%	$9.3M	$10.8M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BZUSDTlong	0.0000%	4h	97.780	long leg	$27.9M	$17.4M	100x
Variational Omni BZ	0.0000%	4h	97.658	−0.125%	$9.4M	$6.8M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.670	−0.112%	$34K	$307K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.830	+0.051%	$4K	$2.4M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.800	+0.020%	$100K	$251K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.650	−0.133%	$280K	$253K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.780	0.000%	$1.2M	$80K	100x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.346	+0.579%	—	—	—	as long as short
Vest BZ-PERP	+0.0013%	1h	101.88	+4.193%	—	$735K	10x	as long as short
edgeX BZUSDC	+0.0020%	4h	97.655	−0.128%	$225K	$227K	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.780	0.000%	$3.3M	$4.0M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.768	−0.012%	$678K	$3.5M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.774	−0.006%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.807	+0.028%	$154.8M	$118.7M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.822	+0.043%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.710	−0.072%	$3.1M	$996K	15x	as long as short
Aftermath Perps BRENTUSD	+0.0078%	1h	97.709	−0.072%	$7K	$41K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.810	+0.031%	$3.8M	$830K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.740	−0.041%	$26K	$273K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0157%	1h	97.827	+0.048%	$82K	$208K	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]short	L +0.0329% / S −0.2771%	1h	97.795	+0.015%	$116K	—	111x